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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: June 24, 1999
(Date of earliest event reported)
Commission Registrant; State of Incorporation; I.R.S. Employer
File Number Address; and Telephone Number Identification No.
1-3525 AMERICAN ELECTRIC POWER COMPANY, INC.
(A New York Corporation)
1 Riverside Plaza 13-4922640
Columbus, Ohio 43215
Telephone (614) 223-1000
1-3570 INDIANA MICHIGAN POWER COMPANY
(An Indiana Corporation) 35-0410455
One Summit Square
P.O. Box 60
Fort Wayne, Indiana 46801
Telephone (219) 425-2111
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This Current Report on Form 8-K includes forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934. These
forward-looking statements reflect assumptions, and involve a number of risks
and uncertainties. Among the factors that could cause actual results to differ
materially from forward-looking statements are:
Timing and nature of actions by the Nuclear Regulatory Commission and
other regulatory entities.
Rate-setting policies or procedures of regulatory entities.
Unforeseen additional modifications required for the Cook Plant.
Other risks and unforeseen events.
Item 5. Other Events.
As discussed in the Notes to Consolidated Financial Statements and
Management's Discussion and Analysis of Results of Operations and Financial
Condition in the 1998 Annual Report, management shut down both units of the Cook
Nuclear Plant in September 1997 due to questions, which arose during a Nuclear
Regulatory Commission architect engineer design inspection, regarding the
operability of certain safety systems.
On June 24, 1999, the Boards of Directors of American Electric Power
Company, Inc. and Indiana Michigan Power Company both approved a plan to restart
the Cook Plant. Unit 2 is scheduled to return to service in April 2000 and Unit
1 is to return to service in September 2000. This approval follows a
comprehensive systems readiness review of all operating systems at the Cook
Plant. Expenditures associated with the restart will total approximately $574
million, of which $192 million has been spent. These costs will be accounted
for primarily as expenses in 1999 and 2000.
Management intends to replace the steam generator for Unit 1 before this
unit is returned to service. Costs associated with the steam generator
replacement are estimated to be approximately $165 million, which will be
accounted for as a capital investment unrelated to the restart. To date, $68
million has been spent on the steam generator replacement.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
each Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
AMERICAN ELECTRIC POWER COMPANY, INC.
Registrant
INDIANA MICHIGAN POWER COMPANY
Registrant
By: /s/ Armando A. Pena
Armando A. Pena
Treasurer of each Registrant
June 24, 1999
